Results 2Q18. August 2, 2018

Transcription

1 Results August 2, 2018

2 Highlights Indicators Var. x 2Q17 Operating Income (R$ MM) % Operating Margin 1.8% +0.8 p.p. Net operating revenues: R$2.4 billion (+9.0% vs. 2Q17) ASK (BN) % Traffic (000) % Average Fare: R$ 284 (+6.0% vs. 2Q17) RPK (BN) % Load Factor 78.1% +0.2 p.p. Yield (R$ cents) % Pax Revenue (R$ MM) % Aircraft utilization: 11.2 block hours/day (-0.7% vs. 2Q17) Net Debt 1 /LTM EBITDA: 2.9x RASK (R$ cents) % CASK (R$ cents) % 1. Excludes perpetual bonds. 2

3 Capacity and Network Number of Operating Aircraft (average) 8.1 RPK (BN) -16.5% % 8.3 Flights/Day ASK (BN) -14.1% % -10.6% % 3

4 Outlook 2018 and 2019 Financial Outlook 2018E 2019E (Consolidated. IFRS) Previous Revised Previous Revised Total fleet (average) to to 124 Total Operational fleet (average) * 110 * 116 ASKs, System (% change) 1 to 2 1 to 2 5 to 10 5 to 10 - Domestic 0 to 2 0 to 2 1 to 3 1 to 3 - International 6 to 8 6 to 8 30 to to 40 Seats, System (% change) 0 to 2 0 to 2 3 to 5 3 to 5 Departures, System (% change) 0 to 2 0 to 2 2 to 5 2 to 5 Average load factor (%) 79 to to to to 81 Cargo and other revenues 1 (R$ billion) ~ 1.2 ~ 1.0 ~ 1.6 ~ 1.3 Total net revenues (R$ billion) ~ 11 ~ 11.5 ~ 12 ~ 12.5 Non-fuel CASK (R$ cents) ~ 14 ~ 13.5 ~ 15 ~ 14 Fuel liters consumed (mm) ~ 1,380 ~ 1,370 ~ 1,440 ~ 1,420 Fuel price (R$ / liter) ~ 2.5 ~ 2.9 ~ 2.6 ~ 2.9 EBITDA margin (%) ~ 16 ~ 16 ~ 18 ~ 17 Operating (EBIT) margin (%) ~ 11 ~ 11 ~ 13 ~ 12 Net financial expense 2 (R$ mm) ~ 650 ~ 800 ~ 500 ~ 500 Income before taxes margin 2 (%) * ~ 4 * ~ 8 Effective income tax rate (%) ~ 5 ~ 23 ~ 0 ~ 10 Minority interest 3 (R$ mm) * ~ 289 * * Capital expenditures (R$ mm) ~ 700 ~ 750 ~ 600 ~ 600 Net Debt 4 / EBITDA (x) ~ 2.8x ~ 2.8x ~ 2.5x ~ 2.5x Aircraft rent (R$ mm) ~ 960 ~ 1,100 ~ 1,000 ~ 1,000 Fully-diluted shares outstanding (million) Earnings per share fully diluted 2 (R$) * 0.10 to 0.30 * 1.50 to 1.90 Earnings per share fully diluted (R$) 0.90 to 1.10 (1.20) to (1.00) 1.70 to to 1.90 Fully-diluted ADS outstanding (million) Earnings per ADS fully diluted 2 (US$) * 0.05 to 0.15 * 0.80 to 1.20 Earnings per ADS fully diluted (US$) 0.50 to 0.65 (0.60) to (0.50) 1.00 to to 1.20 (1) Cargo, loyalty, buy-on-board and other ancillary revenues; (2) Excluding currency gains and losses; (3) Average of analyst estimates (Source: Bloomberg); (4) Excluding perpetual bonds; (*) Not provided. 4

5 Financial Review

6 Solid June Quarter 8.8% EBITDA margin and 1.8% operating margin, up 2.3 p.p. and 0.8 p.p. respectively, above 2Q17 margins. 8th consecutive quarter reporting positive operating profit Total Liquidity of R$3.0 billion in (R$1.8 billion in 2Q17) June Quarter 2018 Operating (EBIT) margin 1.8% (up 0.8 p.p.) Ancillary revenue (cargo and other) 8.8% of Total Rev. Passenger unit revenue (PRASK) change q-o-2q17 Up 8.0% Fuel price (change q-o-q ) Average exchange rate to US$ R$2.73 (up 31.4%) R$3.61 CASK ex-fuel (excluding non-recurring expenses) change q-o-2q17 Down 1.4% GOL System capacity (ASK) change q-o-2q17 Up 2.2% GOL System capacity (Seats) change q-o-2q17 Up 2.4% 6

7 Load Factor and Forward Bookings Var. (pp) Jan 82% 83% +1 Feb 76% 78% +2 Mar 73% 76% +3 Apr 76% 79% +3 May* 75% 77% +2 Jun 75% 78% +3 Jul 83% 82% -1 Aug 78% 78% 0 Sep 78% 80% +2 Oct 76% 81% +5 Nov 78% 81% +3 Dec 79% 81% +2 (*) New network rolled out in May Var. (pp) Jan 83% 84% +1 Feb 78% 78% 0 Mar 76% 79% +3 Apr 79% 80% +1 May 77% 77% 0 Jun 78% 77% -1 Jul 82% +1 Aug 78% +1 Sep 80% +1 Oct 81% -3 Nov 81% -4 Dec 81% +1 7

8 Profitability (EBITDA) 2Q17 vs RASK (R$ cents) CASK (R$ cents) EBITDA (R$ million) +6.7% % % Q17 Fuel CASK +47.3% % CASK Ex-fuel -1.4% 6.5% 2Q17 EBITDA Margin 2Q17 2Q17 8

9 Net Financial Results Financial Income (R$ MM) Q17 Financial Expense (R$ MM) 1,282.8 Net Financial Results: : R$(1,261) MM 2Q17: R$(425) MM Reduced average cost * 2Q17 1,043.4 * *Monetary and exchange variation 9

10 Net Income Composition (R$ MM) Net revenues 2Q17 Net Result Net margin: -22.1% Fuel costs -163 Salaries, wages and benefits Maintenance materials and repairs Other operating expenses/ revenues Net financial results (ex-fx) F/X Losses -818 Income tax Minority interest ,326 Net Result Net margin: -56.3% 10

11 Cash Flow Operating Cash Flow Margin 26% 25% 25% 24% 24% 23% 23% 22% 23.3% 2Q % in R$ million 2Q17 Operating cash flow Investing cash flow (110.4) (430.4) Financing cash flow 2 (140.3) (245.9) Net increase (decrease) in cash and cash equivalents (87.7) Total liquidity 1 1, ,020.5 (1) Consolidated cash. cash equivalents and account receivables. (2) Includes foreign exchange variation on foreign subsidiaries. 11

12 Liquidity and Leverage Liquidity 1 (R$ MM) Total Liquidity + Deposits2 Liquidity 2 / LTM Net Revenues 34,6% 34,9% 26,2% Interest Coverage (R$ MM) EBITDAR LTM EBITDAR LTM / Interest+Rent EBITDA LTM / Interest 2.7x 2.8x 1.5x x 1.7x x Short Term Debt (R$ MM) Short Term Debt Liquidity / Short Term Debt Financial Leverage Net Debt (ex-perp) Net Debt (Ex-Perp) / LTM EBITDA 2,4x 2,6x 2,0x 4,2x 2,5x 2,9x (1) Cash. equivalents short term investments. restricted cash and receivables (2) Includes maintenance /and lease deposits. 12

13 Q&A

14 Disclaimer This presentation may contain certain statements that express GOL Linhas Aéreas Inteligentes S.A. ( GOL ) management s expectations. beliefs and assumptions about future events or results. Such statements are not historical fact. being based on currently available competitive. financial and economic data. and on current projections about the industries in which GOL operates. The verbs anticipate. believe. estimate. expect. forecast. plan. predict. project. target and other similar verbs are intended to identify these forward-looking statements. which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future GOL performance. The factors that might affect performance include. but are not limited to: (I) market acceptance of GOL services; (ii) volatility related to the Brazilian economy and financial and securities markets. and the highly competitive industries GOL operates in; (iii) changes in domestic and foreign legislation and taxation. and government policies related to the transportation markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment; (vi) ability to maintain an ongoing process for introducing competitive new products and services. while maintaining the competitiveness of existing ones; (vii) ability to attract customers in domestic and foreign jurisdictions. Other factors that could materially affect results can be found in GOL s annual report on Form 20-F as filed with the U.S. Securities and Exchange Commission. particularly under Risk Factors session. All forward-looking statements in this presentation are based on information and data available as of the date they were made. and GOL undertakes no obligation to update them in light of new information or future development. 14

15 Investor Relations